Home Loan EmI

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Ashok (Querist)
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10 February 2021 Res, sir , can I avail deduction in IT return of 80C Principal and interest of home loan.
My EMI is Rs. 11580 which is Principal is Rs.1580 and Interest Is Rs. 10000,
So, I can take deduction of both Principal Amount and Interest amount under 80c and 24B, for 12 months.
Thanks Sir,

CA.Pujah

CA.Pujah (Expert)
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10 February 2021 Your EMI consists of two portions, principal & Interest.
Get a statement from the concerned bank/ loan agency.
It will show the exact break-up of your payments made during the year.
Re-payment of principal of Housing loan is deductible under 80C.
Payment of interest is claimable as deduction while calculating House Property Income.

Ashok

Ashok (Querist)
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10 February 2021 Thank you Mam, just now i can taken deduction only Repayment Principal Amount for the year,

CA.Pujah

CA.Pujah (Expert)
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10 February 2021 You can revise your return to take both the deductions

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